Novartis AG (NOVN.EB) said Tuesday it has completed its spinoff of the Alcon eye-care devices business and said it plans to improve core margins in innovative medicines by 2022.
The Swiss pharmaceutical company said the Alcon spinoff was carried out via a dividend-in-kind distribution to Novartis shareholders and American Depository Receipts holders. Each holder received one Alcon share for every five Novartis shares or ADRs held at the close of business on April 8, the company said.
Novartis said the spinoff gives it a financial profile close to that of its industry peers, and said it is well-positioned for sustained top- and bottom-line growth. The company plans to improve innovative medicine core margins into the mid-30s by 2022.
Vas Narasimhan, chief executive of Novartis, said: “We continue to reimagine ourselves as a leading medicines company powered by breakthrough medicines, data science and advanced therapy platforms.”
Novartis said it plans to continue paying a “strong and growing” annual dividend up from the 2.85 Swiss francs ($2.85) a share paid in 2019, with no adjustments for the Alcon spinoff.
The company said it expects to complete its previously announced share-buyback program of up to $5 billion by the end of the year.
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